Silver was last seen trading around $24.30. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the precious metal to lurch higher towards the $24.95/$25.42 region.
The $21.87/17 major support continues to act as a floor for the market
“Silver has eased back to and recovered from $22.99, we look for a challenge of the $24.95 September high and the 200-day ma at $25.42.”
“Resistance extends up to tougher resistance offered by the $26.07, the August high. The market will need to regain this area we suspect to regenerate bullish impetus. Please note that the 55-week ma also lies at $25.29. We favour the topside but it may take several attempts to clear this band.”
“Below $22.99 lies $22.85, the 20th August low but the market is underpinned by its long term pivotal support at $21.87/17. These are considered to be a major band of support and we expect them to act as a floor for the market.”
See – Silver Price Analysis: XAG/USD to seed a bull setup towards 200-DMA at $25.38 – DBS Bank